Innoviva to acquire Entasis Therapeutics for $2.20/share cash tender offer

Innoviva, Inc.

Offer price of $2.20 per share; all-cash transaction valued at implied equity value of ~$80M (based on 36.4M shares outstanding).
Merger agreement unanimously approved by boards of Innoviva, Merger Sub, and Entasis.
Support agreements with TPG GP A, LLC and independent directors covering ~2.32% of shares; they will tender in the offer.
Tender condition requires at least one more than 50% of shares not owned by Innoviva or Entasis CEO; no financing contingency disclosed.
Entasis options and RSUs will be converted into cash or Innoviva stock; warrants replaced with Innoviva warrants.

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